Dogecoin Eyes 45% Gain as Price Attempts to Stage a Breakout from Its Long-Term Resistance Structure This Month

According to the Dogecoin price outlook presented in a previous CNF post, traders were warned against taking long positions amid the consolidation as analysts believed Dogecoin could trade between $0.12 and $0.15 in the short term, with potential for a rise if it breaks resistance at $0.16.

Dogecoin price is at a crossroads as it attempts to make a breakout from its long-term resistance structure. After making two attempts to break through resistance at $0.16 this month, DOGE is now once again facing a crucial resistance level.

Dogecoin price is at a crossroads as it attempts to make a breakout from its long-term resistance structure. After making two attempts to break above resistance at $0.16 this month, DOGE is now facing a crucial resistance level once again.

Despite the initial prospects of success, DOGE's price fell by more than 3.2%, marking a setback for the meme coin. Although the decline is not dramatic, it is consistent with the previous trend, with sellers holding the upper hand at key price levels.

Despite the initial prospects of success, DOGE's price fell by more than 3.2%, marking a setback for the meme coin. Although the decline is not dramatic, it is in line with the previous trend, with sellers holding the upper hand at key price levels.

While resistance has not yet been overcome, Dogecoin bulls have the opportunity to prevail with a stronger attempt. If this succeeds, DOGE enthusiasts could soon see a major bullish breakout.

While resistance has not yet been overcome, Dogecoin bulls have an opportunity to prevail with a stronger attempt. If successful, DOGE enthusiasts could soon see a major bullish breakout.

A previous CNF report suggested explosive potential for Dogecoin price, predicting a rise of up to 550%, with Coinstore's offering fueling the growth of a Dogecoin competitor. However, when Dogecoin reached dynamic support, sellers quickly jumped in and sold their holdings at this crucial price point.

A previous CNF report suggested explosive potential for Dogecoin price, predicting a rise of up to 550%, with Coinstore's offering fueling the growth of a Dogecoin competitor. However, when Dogecoin reached dynamic support, sellers quickly jumped in and sold their holdings at this crucial price point.

The inability to cross this level on the first try is not entirely negative, as it suggests that the pattern is still intact. However, the Dogecoin bulls need to show more strength to break out of the current structure.

The inability to cross this level on the first attempt is not entirely negative, as it suggests that the pattern is still intact. However, Dogecoin bulls will need to show more strength to break out of the current structure.

If resistance is finally overcome, DOGE could reward its followers with a series of “green candles” and renewed optimism in the market.

If resistance is finally overcome , DOGE could reward its followers with a series of “green candles” and renewed optimism in the market.

The current level of DOGE shows that bulls are facing selling pressure at resistance. According to data from CoinMarketCap today, Dogecoin (DOGE) is trading at $0.109, up 0.52% in the last day and 7.96% in the last week. See DOGE price chart below.

DOGE’s current level shows that bulls are facing selling pressure at resistance. According to data from CoinMarketCap today, Dogecoin (DOGE) is trading at $0.109, up 0.52% in the last day and 7.96% in the last week. See DOGE price chart below.

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